Friday, January 28, 2011

Owners and Renters Agree: Owning a Home is a Smart Decision

People in Tampa, Florida know that home ownership is a smart decision. It is not just here either. According to a recent survey by the National Association of Realtors®, “A substantial majority of both home owners and current renters agree that owning a home is a smart decision over the long term.”

“Home owners and renters agree that home ownership benefits individuals and families, strengthen our communities, and is integral to our nation’s economy,” said National Association of Realtors® President Ron Phipps. He added, “The results of this survey illustrate just how important issues related to home ownership are to people in this country.”

According to the survey American Attitudes About Homeownership 95 percent of owners and 72 percent of renters believe home ownership makes sense, especially over a period of several years. Although owners and are in agreement about this subject, there are some differences between them. The difference is important to note as it relates to the quality of life issue. The survey found that over half of home owners are “very” or “extremely” satisfied with the quality of their family life, while only a third of renters felt the same level of satisfaction. 63 percent of renters surveyed said they were likely to purchase a home in the future, with young adults having the strongest desire to own their own home.

An important component to home ownership is that of mortgage interest deduction (MID). The survey showed that 74 percent of home owners and 62 percent of renters say that is it “extremely” or “very” important that the MID remain in place. Ron Phipps agreed with this saying, “At a time when the middle class is under increasing economic pressures, both home owners and renters agree that the mortgage interest deduction should not bet targeted for change. Given strong public support of and aspirations toward owning a home, we need to keep policies in place that support and encourage responsible, sustainable home ownership for our future.”

One of the biggest obstacles to those who would like to purchase a home is job security. Given today’s economy, many potential home owners have a certain level of nervousness about purchasing a home due to their lack of confidence in their job security. Another issue is that of creditworthiness. Despite these factors, people still aspire to home ownership. Let’s face it…home ownership is still the American dream and will continue to be.

If you are interested in becoming a home owner, contact a real estate professional at SI Real Estate to discuss your options. You may be better able to afford a home than you think. The prices of rentals are going up and the prices of homes for sale on the market are aggressively, making them more affordable than ever. Maybe it is time for you to look into making the American dream your dream come true.

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